Syria launches new banknotes after redenomination, drops portraits

ISTANBUL

Syria on Monday unveiled new banknotes, including a redenomination that removes zeros and eliminates portraits in a step toward reinforcing national identity and restoring confidence in the economy.

The launch ceremony was held at the Conference Palace in Damascus in the presence of President Ahmad al-Sharaa and his wife Latifa al-Droubi, according to the Syrian Arab News Agency (SANA).

Sharaa and Central Bank Governor Abdul Qader Husariya unveiled the new denominations, announcing the start of a comprehensive monetary transition aimed at strengthening confidence in Syria’s financial system.

Management consultant Abdulah Al-Shamma said a team of Syrian experts worked alongside Central Bank staff to assess conditions and study international experiences, adding that the strategy was developed on scholarly grounds “to restore the Central Bank’s standing among its global peers.”

Shamma said the reform is built on five pillars: monetary policy and price stability; a balanced and transparent foreign exchange market; a sound banking sector; secure digital payments; and international financial integration with sustainable financial inclusion.

Sharaa described the launch as “a sign of the end of a previous phase that is not missed,” and the beginning of a new stage Syrians aspire to reach.

On the technical aspects, the president said removing two zeros from the old currency does not in itself improve the economy but rather simplifies transactions.

He stressed that real improvement depends on boosting production, reducing unemployment, and strengthening the banking sector, calling banks “the veins of the economy.”

‘New national identity’

He urged the public to remain calm during a sensitive transition period, warning against panic or rushing to exchange old banknotes, saying excessive demand could harm the Syrian pound’s exchange rate.

Sharaa also called for adopting a new culture “that criminalizes speculative practices by profiteers,” while ensuring a gradual injection of liquidity to prevent inflation.

On the design of the new notes, he said they reflect a “new national identity” and move away from glorifying individuals, instead using symbolic elements tied to Syrian reality. “People come and go,” he said.

The designs “revive Syria’s historical memory and traditional goods,” he added, expressing confidence that the economy is moving forward in a focused way and that the results of the reforms will emerge gradually, citing Syria’s geopolitical position and growing regional and international interest.

State-run Alikhbariyah TV reported that the Central Bank building in Damascus hosted a laser display showcasing the new banknotes.

Syrians continue to use the old banknotes, which many associate with hardships under the former regime. The 2,000-pound note carried the image of ousted President Bashar al-Assad, while the 1,000-pound note featured his late father, Hafez al-Assad.

With the dollar trading at about 11,000 Syrian pounds, residents have also complained about weak purchasing power that requires carrying bundles of cash for daily needs.

Since the ouster of the Assad regime in December 2024, Syria’s new administration has launched economic and political reforms aimed at improving conditions across the country.

Bashar al-Assad, Syria’s leader for nearly 25 years, fled to Russia just after his ouster, ending the Baath Party regime, which had been in power since 1963. A new transitional administration headed by President Sharaa was formed in January.